Last week i posted that the Europe's sovereign debt crisis isn't over, it just took the summer off. I guess the IMF is on the same page because they just extended the duration of its existing Flexible Credit Line (FCL) to two years, and concurrently removing the borrowing cap on this facility, which previously stood at 1000% of a member’s IMF quota, in essence making the FCL an unlimited credit facility.
Read the spin in this Bloomberg article here.
Or, read the translated spin from zerohedge.com here.
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